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Nancy and Betty enter into a partnership agreement whereby they undertake to share profits according to the following rules (a) Nancy and Betty will

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Nancy and Betty enter into a partnership agreement whereby they undertake to share profits according to the following rules (a) Nancy and Betty will receive salaries of $14,500 and $22.500 respectively as the fest allocation (b) The next allocation is based on 30% of each partner's capital balances (c) Any remaining profit or loss is to be allocated completely to Betty The partnerships net loss for the first year is $30.000. Nancy's capital balance is $101,000 and Betty's capal balance is $10,000 at the end of the year Calculate the share of proft (loss) to the allocated to Nancy CGD

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